+更多
专家名录
唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
转发
上传时间: 2019-05-22      浏览次数:848次
Swedbank capitalizes on safest debt amid dirty-money scandal


https://www.gulf-times.com/story/632047/Swedbank-capitalises-on-safest-debt-amid-dirty-mon

 

Sweden’s biggest mortgage bank has returned to the safest corner of the debt market after a money-laundering scandal drove up funding costs for riskier bonds.

 

Swedbank AB, which is based in Stockholm, on Monday issued euro-denominated covered bonds for a second time this year, offering €1.25bn ($1.4bn) of new notes backed by Swedish mortgages.

 

But the lender, which is being investigated amid allegations it may have handled more than $100bn in potentially suspicious funds, is falling behind some of its peers when it comes to tapping markets for a new kind of debt needed to comply with European rules that protect taxpayers.

 

“At some point, Swedbank will also need to start issuing in senior non-preferred format,” Sverre Holbek, an analyst at Danske Bank, said.

 

“From that perspective, rising covered bond funding at these levels can help mitigate the impact on overall funding costs.”

 

Swedbank probably wants to “take advantage of the strong issuance conditions in the euro covered bond market at the moment, despite broader market turmoil affecting the spread of other funding instruments,” he said. Gregori Karamouzis, Swedbank’s head of investor relations, said issuance is in line with the bank’s broader debt plans. In 2018, the bank only sold one euro benchmark covered bond.

 

The €1bn ($1.12bn) in covered bonds that Swedbank sold at the start of the year have continued to gain despite the bank’s dirty-money scandal.

 

Swedbank Hypotek AB, the lender’s mortgage arm, offered €1.25bn in six-year covered bonds on Monday at 2 basis points above the benchmark mid-swaps, according to a person familiar with the matter who asked not to be identified. At the final spread, the bank “paid hardly a concession,” Rabobank analysts Ruben van Leeuwen and Cas Bonsemawrote in a May 21 note. Year-to-date sales in the euro-denominated covered bond market are up 12% from a year earlier.

 

Swedbank hasn’t tested the market for senior unsecured debt since August 2018. Danske Bank A/S, which is at the centre of a $230bn money-laundering scandal, has opted to bite the bullet and last year started issuing the senior non-preferred bonds needed to meet European rules for bail-in-able debt.

 

It’s roughly half-way through its issuance target.

 

Swedbank’s covered-bond sale was arranged by BNP Paribas SA, Deutsche Bank AG, NatWest Markets Plc., Swedbank AB and UBS Group AG.